Untitled Flashcards Set

BMI3C1 MARKETING: GOODS, SERVICES, EVENTS



CHAPTER 1:  WHAT IS MARKETING?



TERMS 


  1. marketing

(Chapter 1.1, pg 3) The sum of all the activities involved in the planning, pricing, promotions, distribution and selling of goods and services to satisfy consumers needs and wants. 

  1. processing

(Chapter 1.1, pg 5) It alters the nature of the products. Converting, pressing, adding, pasteurising, homogenizing…. Processed goods are sold as finished goods. 

  1. consumer goods

(Chapter 1.1, pg 6) Non industrial products intended for personal use by the general public. 

  1. marketing concept

(Chapter 1.2, pg 8) The idea that a business or organization must consider both its potential customers and its competitors in every important business decision. 

  1. brand management

(Chapter 1.3, pg 13) The most common method of organizing marketing activities, especially for companies that sell a wide variety of products 

  1. distribution management

(Chapter 1.3, pg 14) organizes marketing activities around the ways that the product or service will be delivered to the customer.  

  1. nonprofits/ nonprofit organization

(Chapter 1.4, pg 18) The one that does not seek profits as its primary motive, but instead raises funds for a specific goal. charities are non profit. 

  1. not-for-profit

(Chapter 1.4, pg 18) places like housing organizations or child care cooperatives also do not seek profit. Any surplus funds that they have are used to improve the services offered to members. 

  1. costs

the price of a product or service or required payment

  1. consumer market

(Chapter 1.5, pg 19) refers to all those consumers who are or may become interested in a particular product or service. 

  1. target market

(Chapter 1.5, pg 19) All marketing efforts which are directed towards a specific group of people. 

  1. aggregate market

(Chapter 1.5, pg 19) When the target market is everyone. 

  1. differentiated market

(Chapter 1.5, pg 19)  Markets characterized in a specific way for example by consumers income. 

  1. marketing mix

(Chapter 1.6, pg 21) usually divided into four major categories: product, price, place, promotion.  

  1. promotion

(Chapter 1.6, pg 22) consists of advertising, sales promotion, and publicity. 

  1. value equation

(Chapter 1.7, pg 25) adds together all of the benefits of a product, both real and imagined, and subtracts the cost involved in obtaining the product. 

  1. position

(Chapter 1.7, pg 27) marketers try to create a value equation for the product in the consumer's mind. 

  1. push strategy

(Chapter 1.7, pg 28) sells the product to retailers, imports and whole slaers and not to end-use consumers. If the product is out ther, they will bunny it. 

  1. pull strategy 

(Chapter 1.7, pg 28) attempts to increase consumer demand directly. 

  1. competitive marketing 

(Chapter 1.5, pg 19) comprises all the products or services that compete with one another for consumers’ money within a specific category.